Realty firm Ashiana Housing today said it will invest about Rs 50 crore in developing a hotel-cum-shopping mall project in Jamshedpur and announced tie-up with global hospitality chain Hyatt for management.

"We are coming up with a 4-star business hotel, comprising of 120 rooms in Jamshedpur. For managing the hotel, we have tied up with Hyatt to set up 'Hyatt Place' hotel," the company's Managing Director Vishal Gupta said. The company already has one hotel in Bhiwadi, Haryana comprising 103 rooms.

Besides hotel, the project would have 80,000 sq ft of shopping complex. Asked about project cost, Gupta said the company would invest about Rs 50 crore in the next 30 months on construction of this project. The planned investment would be funded through internal accruals and debt, he added.